算力ASIC需求强劲，产业链迎增量机遇

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating a positive outlook compared to the broader market [7]. Core Insights - The ASIC market is experiencing strong demand, with Marvell projecting data center capital expenditures to reach $94 billion by 2028, a 25% increase from previous estimates [3]. - Custom computing, including XPU and its accessories, is the largest and fastest-growing segment, with an expected market size of approximately $40 billion and a compound annual growth rate (CAGR) of 47% [3]. - Major cloud providers are accelerating their ASIC chip development, with combined capital expenditures expected to exceed $320 billion by 2025, reflecting a 30% year-on-year growth [4]. - The demand for supporting components such as PCB, CCL, and optical modules is anticipated to see structural growth due to the ASIC chip demand [4]. Summary by Sections Industry Investment Rating - The electronic industry is rated as "Outperform" [7]. ASIC Market Demand - ASIC demand is robust, with Marvell forecasting a 25% increase in data center capital expenditures to $94 billion by 2028 [3]. - The custom computing segment, particularly XPU, is projected to grow at a CAGR of 47%, reaching a market size of $40 billion [3]. Cloud Providers' ASIC Development - Major cloud providers are rapidly advancing their ASIC projects, with significant capital expenditures expected to exceed $320 billion by 2025, marking a 30% increase year-on-year [4]. - Marvell is a key player in providing foundational computing support for major cloud companies [4]. Supporting Components Growth - The demand for components like PCB is expected to grow structurally due to the stringent requirements of ASIC chips [4]. - The global HDI PCB market is projected to exceed $14.34 billion by 2025, achieving an 8.7% year-on-year growth [4]. Investment Recommendations - The report suggests focusing on opportunities within the ASIC chip-related hardware supply chain, including companies like Shenghong Technology, Huitian Technology, and others [5].